Household finances slip finds Markit report

Markit's Household Finance Index (HFI) has forecast a "steep deterioration in outlook for household finances".

Tim Moore, senior economist at Markit said:

"Household finances were once again gripped in a vice of subdued real incomes and heightened job insecurity in October.

"Weak labour market conditions, combined with elevated inflationary pressures, have made rising debt and falling willingness-to-spend recurring themes this year. October was no exception, with these unwelcome trends especially prevalent among public sector employees and the lowest income groups.

"Public sector workers also noted the bleakest outlook for their household finances since the survey began in early 2009, with almost two-thirds expecting a deterioration over the year ahead.

"However, concerns about a stalling recovery in the wider economy meant that heightened pessimism was not just confined to public sector workers. The overall balance of households expecting their finances to deteriorate in the year ahead was the largest for six months, which more than reversed the modest improvements seen in the summer.

"Households also expect a continued erosion of their real incomes next year, despite inflation expectations falling back slightly in October. Around 88 per cent of households anticipate a rise in their cost of living next year, while only 31 per cent of respondents forecast increased income over this period."

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